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    Split Fifth Circuit Affirms Success Fee for Financial Advisers
    2016-08-02

    A Chapter 11 debtor’s financial advisers were entitled to a “Success Fee” based on a percentage of a $50-million “debt-to-equity conversion,” held a split U.S. Court of Appeals for the Fifth Circuit on May 4, 2016. In re Valence Technology, Inc., 2016 WL 2587109, *1 (5th Cir. May 4, 2016) (2-1). Key to the opinion was the parties’ concession that the “debt-to-equity conversion qualified as a Private Placement under [their] engagement agreements.” Id., at n.1.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Consideration, Debt, Debt relief, Fair market value, Secured creditor, Secured loan, United States bankruptcy court, Fifth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    LBIE administrators extend September 17, 2010 proof of debt submission deadline for Consensual Approach participants
    2010-09-17

    Previously, on June 16, 2010, the Joint Administrators (the “Administrators”) of Lehman Brothers International (Europe) (“LBIE”) announced that they would be testing the feasibility of their so-called Consensual Approach to the resolution of LBIE’s unsecured creditor claims. They anticipated the Consensual Approach would be applicable to financial trading creditors ("FTCs") and conceptually outlined the Consensual Approach as follows:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Unsecured debt, Dividends, Data, Option (finance), Debt, Precondition, Unsecured creditor, Federal Trade Commission (USA), Lehman Brothers
    Authors:
    Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    UK Supreme Court issues authoritative decision on 'balance sheet insolvency test'
    2013-05-09

    The UK Supreme Court today delivered an important decision on the meaning of the so-called 'balance sheet insolvency test' in s.123(2) of the Insolvency Act 1986 (UK) (BNY Corporate Trustee Services Limited v Eurosail 2007-3BL PLC [2013] UKSC 28 ("Eurosail")).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Debt, Liability (financial accounting), Balance sheet, Insolvency Act 1986 (UK), UK Supreme Court
    Authors:
    Sonya Van de Graaff , Peter J.M. Declercq , David J. Karp , Adam C. Harris
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP
    Third Circuit upholds denial of secured creditors’ right to credit bid under reorganization plan
    2010-03-25

    The U.S. Court of Appeals for the Third Circuit held, in a split decision, on March 22, 2010, that secured creditors do not have a statutory right to credit bid1 their debt at an asset sale conducted under a “cramdown” reorganization plan. In re Philadelphia Newspapers, LLC, et al., --- F.3d ----, 2010 WL 1006647 (3d Cir. March 22, 2010) (2-1).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Statutory interpretation, Federal Reporter, Limited liability company, Debt, Liability (financial accounting), Fair market value, Secured creditor, Secured loan, United States bankruptcy court, Third Circuit
    Authors:
    Michael L. Cook , Adam C. Harris , Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Recognition of trustee filing in French insolvency safeguard proceedings
    2012-04-26

    In a decision that represents a triumph for bondholders, and should provide comfort to market participants, the Supreme Court of France (the “Supreme Court”) has recognized the trust structure and the parallel debt mechanism as part of security packages put in place for secured international financings granted to a French company.

    Filed under:
    France, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bond (finance), Collateral (finance), Debt, Court of Appeal of England & Wales
    Location:
    France
    Firm:
    Schulte Roth & Zabel LLP
    Delaware Bankruptcy Court decisions highlight split on Rule 2019 disclosure
    2010-01-28

    In a Jan. 20, 2010, opinion, Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware held that a group of investors who had together proposed a plan of reorganization for the debtor did not have to comply with the disclosure requirements of Federal Rule of Bankruptcy Procedure 2019 (“Rule 2019”) In re Premier International Holdings, Inc., No. 09-12019 (Bankr. D. Del. Jan. 20, 2010) (Sontchi, J.) (“Six Flags”). In Six Flags, Judge Sontchi expressly disagreed with two prior decisions on the subject of Rule 2019 disclosure, one by Judge Mary K.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Security (finance), Interest, Discovery, Debt, Motion to compel, United States bankruptcy court, US District Court for District of Delaware, US District Court for SDNY
    Authors:
    Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Zais Investment Grade Limited VII — CDO noteholders take advantage of Chapter 11
    2011-10-03

    The U.S. Bankruptcy Court for the District of New Jersey recently held that a Cayman Islands collateralized-debt obligation issuer (“CDO”) could be a debtor under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) and declined to dismiss an involuntary case commenced against the CDO by certain noteholders on the grounds that the notes held by such noteholders were “non-recourse” notes. Below is a discussion of the court’s decision and its potential implications. The decision is currently being appealed.

    Filed under:
    Cayman Islands, USA, New Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Debt, Asset-backed security, Liquidation, Default (finance), Collateralized debt obligation, Mortgage-backed security, Pro rata, Title 11 of the US Code, United States bankruptcy court, US District Court for District of New Jersey
    Authors:
    Lawrence V. Gelber , Daniel V. Oshinsky , Craig Stein
    Location:
    Cayman Islands, USA
    Firm:
    Schulte Roth & Zabel LLP
    Notice of intended dividend; bar date of December 31, 2010, established for preferential and unsecured claims against LBIE
    2010-01-06

    The Joint Administrators (the “Administrators”) of Lehman Brothers International (Europe) (“LBIE”) have issued a notice, dated December 4, 2009 (the “Notice”), pursuant to Rule 2.95(1) of the U.K. Insolvency Rules 1986, announcing their intent to make a distribution (by payment of an interim dividend) to preferential creditors (if any) and unsecured, non-preferential creditors of LBIE. The Notice was authorized on December 2, 2009, by an order of the High Court of Justice (Companies Court) in London (the “U.K. Court Order”).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Unsecured debt, Dividends, Debt, Lehman Brothers, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP
    Fifth Circuit shows reorganization investors how to get and keep an expense reimbursement order
    2011-09-09

    The U.S. Court of Appeals for the Fifth Circuit, on Aug. 16, 2011, affirmed the lower court’s decision authorizing reimbursement of expenses to qualified bidders for a reorganization debtor’s assets. In re Asarco, LLC, 2011 BL 213002 (5th Cir. Aug. 16, 2011). In the court’s view, the debtor provided “a compelling and sound business justification for the reimbursement authority.” Id. at *12.

    Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Debt, Due diligence, Judicial review, Business judgement rule, Second Circuit, United States bankruptcy court, Fifth Circuit, Third Circuit, Trustee
    Authors:
    Michael L. Cook , Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Claim resolution agreement, segregated assets, U.K. high court rulings
    2009-12-17

    As previously described in our Alert of Oct.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Share (finance), Conflict of laws, Unsecured debt, Debt, Liquidation, Election, Pro rata, Lehman Brothers, High Court of Justice
    Authors:
    Lawrence V. Gelber , Craig Stein , Ron Feldman
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP

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